Bullish/Bearish setup

Hi guys,

I have not tested this thoroughly,

I posted a chart with explanations.

Basically If there is a bullish candle we measure its range, divide it by 2, round that number to lowest pip . for example: Bullish candle range = 29 pips / 2 =14.5 rounded to lowest pip =14 pips. This becomes our TP.(alternatively you can use it as TP and SL for 1:1 rr)

Now we divide 14 in half again/ 2 = 7 pips ( again we round this to lowest pip, in this case we dont have to) 7 pips becomes our SL and also our guide.

Now from the close of the bullish candle we wait for the price to travel 7 pips down( if it does we place a pending order at the close of the bullish candle with tp=14 and Sl=7( alternatively we can use 14 tp and 14 sl its up to you)

If the price travels 7 pips up first than we immediately go long with 7 pips sl and 14 pips tp( again you can use 14 pips sl if you want).

Note: you can choose to wait for next candle if the price does not travel down(bullish setups) first as this will give you better entry.

We can do the same with bearish candles only in reverse.

But I suggest you use 50 Ema as your guide. ( meaning only long trades above 50 ema and only shorts below 50 emal)

Pls test this out and let me know

If anyone can write an EA( this should be simple for most coders) we can backtest it and forward test it.

tnx.

will test ,thanks

ok tnks

i dont understand this.. how you think it will move like that?? this is just gambling..right?? wont have any profitability?

It moves like that all the time. Its called a pullback.

When a bullish candle closes and a new candle begins the price will retrace first (most of the time) and than it will either go up or down.

yep okay.. understood..

This is a very good strategy. No need to bt it. But it will require a multiplier on the revenge entry after a SL get hit. Also, it will have quite big troubles at range times. Overall it is a good strategy, but it won't be easy to master it...

thank you. I have a different version in mind also.
i will post it later.

This is a question to all.
is there a way for an indicator to determine on average how long it takes for price to go to its final destination after a pullback.
For example we have a bullish candle close on 1hr tf.
It pullsback than goes up to the original price where it closed previously but pulls back again, than goes back again to original area, it does this say 3 times than it goes above previous candle close and at the end of the hour it closes as a bullish candle.
so we have 2 1hr bullish candles back to back.
question is, on average how long in minutes does it take price to go up after the initial pullback to never come back to original area and close as a bullish bar on 1hr tf?

If someone can make an indicator for this average it can be used to determine time of entry after a pullback and reversal to original price.

Its a simple case of supply and demand

i concur

So on average how long in minutes does it take price to go up after the initial pullback to never come back to original area and close as a bullish bar on 1hr tf?

its very hard to say. it actually depends volumes trades within that period.

Interesting strategy,you could be in danger if the market is ranging though...

Hi traders

which indicators or EA are using in this chart?

hi there. I think that we have some resistence in 1.1338.....1.137. what do u think? /eur/usd/